Exercise 6-3 Specific identification cost flow assumption LO2 excel CHECK FIGURES: COGS = $9,427; Gross profit...

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Exercise 6-3 Specific identification cost flow assumption LO2 excel CHECK FIGURES: COGS = $9,427; Gross profit = $15,073 Page 442 Refer to the data in Exercise 6-2. Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 700 units were specifically sold as follows: Jan. 10: 70 units from beginning inventory Mar. 15: 3 units from beginning inventory, and 177 units from the March 14 purchase Oct. 5: 50 units from the March 14 purchase, and 400 units from the July 30 purchase Calculate cost of goods sold and the gross profit. Exercise 6-3 Specific identification cost flow assumption LO2 excel CHECK FIGURES: COGS = $9,427; Gross profit = $15,073 Page 442 Refer to the data in Exercise 6-2. Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 700 units were specifically sold as follows: Jan. 10: 70 units from beginning inventory Mar. 15: 3 units from beginning inventory, and 177 units from the March 14 purchase Oct. 5: 50 units from the March 14 purchase, and 400 units from the July 30 purchase Calculate cost of goods sold and the gross profit.